Oil sales brighten State result

THE WA Government’s budget mid-year review has indicated WA’s financial fortunes have been boosted by a jump in oil royalties.

The hike came thanks to the resurgence in the crude oil price which has risen from a low of US$ 9.50 a barrel in February 1999 to be more than $20 a barrel currently.

At the time the budget was formulated the price was hovering around US$10.

Figures released by the Department of Minerals and Energy show that, in 1998-99, royalties from petroleum accounted for 29 per cent, or $33 million of royalties from mineral production.

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